What is Insurance # A promise of compensation for specific potentialfuture losses in exchange for a periodicpayment. # Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss.
Division OF Insurance Sector
Origin And Growth Of Insurance Sector: # In fiscal 2000-01, the Indian federal government lifted all entry restrictions for private sector investors. # Foreign investment insurance market was also allowed with 26 percent cap. # GIC was converted into India's national reinsure From December,2000. # All the subsidiaries working under the GIC umbrella were restructured as independent insurance companies.
Origin And Growth Of Insurance Sector: # Till end of FY 1999-2000, two state-run insurance companies, namely, Life Insurance Corporation (LIC) and General Insurance Corporation (GIC) were the monopoly insurance providers in India. #Under GIC there were four subsidiaries: –National Insurance Company Ltd. –Oriental Insurance Company Ltd. –New India Assurance Company Ltd. –United India Assurance Company Ltd
Life Insurance Companies In India 1. Bajaj Allianz Life Insurance Company Limited 2. Birla Sun Life Insurance Co. Ltd 3. HDFC Standard Life Insurance Co. Ltd 4. ICICI Prudential Life Insurance Co. Ltd. 5. ING Vysya Life Insurance Company Ltd. 6. Life Insurance Corporation of India 7. Max New York Life Insurance Co. Ltd 8. Met Life India Insurance Company Ltd. 9. Kotak Mahindra Old Mutual Life Insurance Limited 10. SBI Life Insurance Co. Ltd 11. Tata AIG Life Insurance Company Limited 12. Reliance Life Insurance Company Limited. 13. Aviva Life Insurance Co. India Pvt. Ltd. 14. Sahara India Life Insurance Co, Ltd. 15. Shriram Life Insurance Co, Ltd. 16. Bharti AXA Life Insurance Company Ltd. 17. Future Generali Life Insurance Company Ltd. 18. IDBI Fortis Life Insurance Company Ltd. 19. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd 20. AEGON Religare Life Insurance Company Limited. 21. DLF Pramerica Life Insurance Co. Ltd. 22. Star Union Dai-ichi Life Insurance Comp. Ltd.
Non-Life Insurance companies in India # Bajaj Allianz General Insurance Co. Ltd.# ICICI Lombard General Insurance Co. Ltd.# IFFCO Tokyo General Insurance Co. Ltd.# National Insurance Co. Ltd.# New India Assurance Co. Ltd.# Oriental Insurance Co. Ltd.# Reliance General Insurance Co. Ltd.# Royal Sundaram Alliance Insurance Co. Ltd.# Tata AIG Life Insurance Co. Ltd.# United India Insurance Co. Ltd Reinsurers: # General Insurance Corporation of India.
Indian Insurance In 21st Century # 2000:IRDA starts giving licenses to private insurers: ICICI prudential and HDFC Standard Life insurance first private insurers to sell a policy. # 2001: Royal Sundaram Alliance first non life insurer to sell a policy . # 2007:First Online Insurance portal, set up by an Indian Insurance Broker, Bonsai Insurance Broking Pvt Ltd. # The Government of India liberalized the insurance sector in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership. # Minimum capital requirement for direct life and Non-life Insurance company is INR1000 million and that for reinsurance company is INR 2000 million. In the 2004-05 budgets, the Government proposed for increasing the foreign equity stake to 49%, this is yet to be effected. Under the current guidelines, there is a 26 percent equity cap for foreign partners in direct insurance and reinsurance Company.
Why Insurance ?????? # Everyone thinks I am Young and Healthy So Why Insurance??? # Insurance provides you with blanket cover and protects you from any thing that no one can anticipate. # Assets are insured, because they are likely to be destroyed through accidental occurrences. # Compensating the loss. # Family will be protected. # Your Children’s Education Fund.
Life Stages Life insurance Non - Life Insurance (general insurance) Property (eg. Builders risk insurance) Aviation(eg. Private aircraft insurance) Marine (eg. Marine hull insurance) Miscellaneous (eg. Purchase insurance)